The clinical relevance of anxiety disorders in schizophrenia has been neglected for a long time and has only recently become the subject of a systematic investigation, although its consequences may have a very negative impact on the outcome and considerably worsen the trajectory of the disease. This could be originally related to the hierarchical organization of the Diagnostic and Statistical Manual of Mental Disorders (DSM) and to the lack of assessment instruments. In this article, we will review the most recent literature concerning two of the most impairing anxiety disorders in comorbidity with schizophrenia, such as panic disorder and social anxiety disorder, briefly analyze the role of anxiety in the prodromal phase of psychosis and provide suggestions for the clinical assessment.